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Mumbai: Fresh FIR against Parekh Aluminex for fraudulent loans from ICICI Bank

ICICI Bank, BKC branch chief manager Jignesh Shelani had filed a complaint of cheating against PAL directors for availing Rs 105 crore in loans from 2007-15.

Dharmesh Thakkar | Updated on: Thursday, May 05, 2022, 11:12 PM IST


Representative image |
Representative image |
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A fresh FIR has been registered with Marine Drive police station against the directors and promoters of the beleaguered Parekh Aluminex (PAL) on the complaint of ICICI Bank.

ICICI Bank, BKC branch chief manager Jignesh Shelani had filed a complaint of cheating against PAL directors for availing Rs 105 crore in loans from 2007-15. The bank was alerted by the RBI to check the accounts of PAL, which led the fraud investigation team to audit the accounts and discover fraudulent loans availed by late Amitabh Parekh and others.

The bank “red flagged” PAL accounts and ordered a forensic audit by Ernst and Young, which reported irregularities and siphoning of funds. The FIR names late Amitabh Parekh, Rajendra Madanlal Gothi, Kiran Chandulal Parekh, Devanshu Pravin Desai, Ketan Rajnikant Choksi and Vikram Vasudev Mordani as prime accused for criminal conspiracy, fraud, cheating and falsification of accounts.

Earlier in March 2018, the Economic Offences Wing (EOW) of the Mumbai police had arrested three directors of PAL for wilful default on repaying loans on the complaint of Axis Bank. PAL took short-term loans amounting to Rs 195 crore and Rs 45 crore between 2011 and 2013, towards purchase of its non-convertible debentures. Of Rs 195 crore, Rs 75 crore was availed through cash credit in May 2011, Rs 50 crore was availed through Letter of Credit (LoC) in May 2011 and Rs 70 crore was raised through a one-time LC in January 2013. PAL allegedly duped the Federal Bank of Rs 50 crore of which Rs 25 crore was invested by it in non-convertible debentures. The EOW had charge sheeted PAL directors late Amitabh Parekh, Rajendra Gothi, Devanshu Desai and Kiran Parekh of being beneficiaries of defrauding the two banks of Rs 290 crore.

The CBI, in May 2017, registered several cases against PAL for defrauding the Indian Overseas Bank to the tune of Rs 297.8 crore and cheating the bank consortium of Rs 753 crore in loans.

Last month special CBI Court in Mumbai had rejected the bail applications of the accused in the Rs 292-crore loan scam of Indian Overseas Bank, Nariman Point Branch, using false and fabricated documents.

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Published on: Thursday, May 05, 2022, 11:12 PM IST